but in fact, in every developed country from the uk, the european union and japan. >> and just to interrupt you, sean, that's probably why everybody says all of this money printing will lead to inflation. one of the reasons it hasn't really is because everybody's doing it. >> there's that reason and there's the underutilization, both in terms of the employment and also in terms of planned capacity. in fact, there are two different views of the investment universe under the current conditions. one is that all this money printing is masking miserable underlying conditions, that real wages haven't increased very much and the economy is in terrific shape. the other view is that the economy is okay and that this additional money printing will result in risk assets increasing in value. and you know, people in our shop, some people have the one view, other people have the other view. it's very interesting. we're in unusual times when additional research will go a long way in pointing out the mine fields. that's where we spend our time. >> that's where you do spend your time. you're independent, no